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NACHA makes changes to slash unauthorized ACH transactions

NACHA—The Electronic Payments Association announced on Tuesday that its members approved two new changes aimed at reducing the number of ACH transactions resulting in exceptions and returns. According to NACHA, the amendments are part of its long-term risk management strategy and part of its ongoing efforts to bolster the ACH network. One... Read More...

EFT Source to acquire CPI Card Group

EFT Source recently announced it plans to acquire long-time partner CPI Card Group, a provider of financial and EMV card production services. “As longstanding partners, CPI and EFT Source share a common philosophy and focus on superior customer service delivery,” Steve Montross, the president and CEO of CPI, which provides plastic cards... Read More...

BofA reaches landmark settlement with Justice Department over faulty securities

Bank of America announced last week that it has reached a settlement with the U.S. Department of Justice and state attorneys general to resolve allegations that the bank sold faulty mortgage securities. The $16.7 billion settlement is, according to the Justice Department, the largest civil settlement in American history involving a single... Read More...

CFPB seeks approval to collect info for teacher financial literacy training

The CFPB recently requested comment on a proposal to collect information that could help train K-12 teachers to teach and incorporate lessons in financial education as part of an effort to improve the financial capabilities of young people. According to the noticed published in the Federal Register, under the teacher training initiative (TTI),... Read More...

Combined ID, payments cards to reach 1 in 4 by 2019

The use of combined government ID and payments cards is expected to quadruple by 2019, reaching approximately 27 percent of the world’s population, according to a new study from ABI Research. ABI said the functionality, convenience, access to government services and the ability to improve the disbursement of payments will drive the... Read More...

U.S.-India Business Council applauds plan to expand financial services

The U.S.-India Business Council (USIBC) lauded a plan announced by Indian Prime Minister Narendra Modi last week to expand financial inclusion and offer financial services to more people in India. "American investors are grateful for the Government of India's stewardship of the Indian economy,” USIBC Acting President Diane Farrell said.... Read More...

Virtual Piggy named most innovative North American company at IBA awards

Virtual Piggy, the provider of the Oink family wallet, was recently named most innovative company in North America and received a Gold Stevie Award at the 11th annual International Business Awards (IBA). The awards ceremony recognizes both individuals and organizations—public and private, for-profit and non-profit and large and small—as... Read More...

Court hears arguments in SmartMetric patent infringement case

A California court began hearing arguments last week in a patent infringement case filed by SmartMetric against Visa and MasterCard for the card companies’ use of so-called EMV cards, or “smart cards.” In its complaint against the companies, SmartMetric, which makes fingerprint-activated credit and debit cards that use biometric... Read More...

CFPB launches nationwide social services financial education campaign

The CFPB recently launched a nationwide education campaign to train social services staff to provide financial education and tools to low-to-moderate income customers. The CFPB, which has partnered with national and local organizations on the effort, said public social services staff are uniquely positioned to help individuals from... Read More...

Florida’s First Commerce CU to acquire First National Bank of Crestview

First Commerce Credit Union, based in Tallahassee, Fla., recently entered an agreement to purchase the First National Bank of Crestview, marking the first acquisition of a community bank by a credit union in the state of Florida. The credit union, which has $401 million in assets, will receive the bank’s operations and branches, as well as... Read More...

Heartland to acquire TouchNet to complement higher-education solutions

Heartland Payment Systems announced last week that it has entered into an agreement to acquire TouchNet Information Systems, an integrated commerce solutions provider for universities and colleges, for $375 million. Heartland Chairman and CEO Robert Carr said the acquisition is the payment company’s largest to-date, adding that it will... Read More...

Florida becomes first state to adopt CCE’s financial literacy standards

The state of Florida recently became the only state in the U.S. to adopt standards for teaching students about personal finance based on the Council for Economic Education’s (CEE) National Standards for Financial Literacy. The move comes just one year after the Florida legislature adopted a measure to make financial education mandatory for... Read More...

Minnesota CU Network hosts elder financial abuse prevention training

The Minnesota Credit Union Network hosted more than 50 representatives from in-state credit unions last week during a forum aimed at providing training to staff on identifying and reporting instances of elder financial abuse and fraud. The credit union league said credit union staff are often the first to encounter, and therefore more likely to... Read More...

ControlScan, ProPay partner to provide PCI standards compliance solutions

ControlScan announced earlier this week that it has partnered with TSYS company ProPay to establish a comprehensive PCI program to help businesses navigate compliance with PCI DSS requirements. ControlScan and ProPay will, as part of their new partnership, provide a PCI self-assessment questionnaire that includes step-by-step instructions, a... Read More...

Visa opens One Market innovation center in San Francisco

Visa announced last week the launch of a large innovation center and office space in San Francisco that will provide Visa clients, partners and technology developers a combined space to develop new commerce applications. The 112,000 square foot innovation center is located at One Market Street in San Francisco, where it will be home to more... Read More...

Pew Trust hosts conference on USPS IG’s plan to offer financial services

The Pew Charitable Trusts hosted a conference on Wednesday to examine the effectiveness of a plan put forth by the U.S. Postal Service in January to offer financial services to underserved communities. Testifying at the hearing were representatives from the Credit Union National Association (CUNA), Consumer Bankers Association, Georgetown... Read More...

ISIS Mobile announces rebranding amid concerns from militant group

ISIS Mobile Wallet announced last week that it would rebrand, citing growing concerns regarding the use of the acronym by the militant group the Islamic State of Iraq and Syria. Michael Abbott, the CEO of Isis Mobile Wallet, said that while rebranding is not easy, it is the right decision for the company and its customers. “However... Read More...

Women 2.0, MasterCard to host networking events for women

MasterCard recently announced that it has partnered with the Women 2.0 media brand to offer networking events to connect and identify talent in the financial and technology industries in the U.S. and Europe. “Studies show that gender diversity is important for all companies, increasing performance, productivity, and innovation,” Andrea... Read More...

Banking trade groups voice concern over 1098 reporting requirements

In a letter to the Senate Finance Committee, several banking trade organizations wrote to lawmakers on Monday to express concern over new reporting rules requiring servicers to furnish additional information about mortgages on the IRS 1098 form. “Servicers do typically collect the information proposed to be reported when they ‘board’ new... Read More...

MasterCard acquires Pinpoint loyalty provider for Asia Pacific region

MasterCard announced last week that it has completed the acquisition of Pinpoint, an Australian loyalty and rewards services provider for the Asia Pacific region. According to MasterCard, the acquisition will strengthen its position as a customer loyalty and rewards provider. Pinpoint, which was founded in Sydney in 1984, offers a full site of... Read More...

Ingenico to expand e-commerce with acquisition of GlobalCollect

French payment terminal developer Ingenico announced on Wednesday that it has entered negotiations to acquire Amsterdam-based GlobalCollect for an estimated $1.1 billion. The company said the acquisition is part of its strategy to rebalance its footprint towards the North American market and to include cash collection and settlement... Read More...

Higher One adds Chinese yuan to international payments service offerings

Higher One, which provides financial services and analytics to universities across the country, recently anncounced the addition of the Chinese yuan to its international payments service, which is powered by the company’s partnership with Western Union. The addition of the yuan comes after other recent additions, including the Korean won... Read More...

CFPB accepting applications for Technology Innovation Fellows program

The CFPB recently began accepting applications for the next round of Technology & Innovation Fellows, a two-year program for software developers, graphic designers, cybersecurity professionals and data specialists interested in improving financial services and products for consumers. According to a CFPB blog post on Monday, the CFPB is... Read More...

TMG announces panelists for 2014 executive summit in Lake Tahoe

The Members Group (TMG) released an agenda last week for its 2014 TMG Executive Summit, which is scheduled to take place next month in Lake Tahoe, Calif. The theme of this year’s summit, which will be held July 14-16, is “People. Passion. Purpose.” On Monday, July 14, Olympic gold medalist John Naber will open the event with a... Read More...

Discover awarded 2014 Golden Trumpet award for financial education

The Publicity Club of Chicago awarded Discover with the 2014 Golden Trumpet achievement award for its $10 million investment in a financial education incentive called Pathway to Financial Success. Discover received the award at the club’s 55th annual Golden Trumpet Awards dinner gala at the Palmer House Hilton in Chicago. The award is... Read More...

Ingenico debuts redesigned logo, brand

Ingenico announced its rebranding on Wednesday, changing its corporate name to Ingenico Group, along with a redesigned logo by Unlimi-ted to reflect its history and evolution. "The Group’s rapid growth/evolution over the past few years has resulted in a fragmented brand architecture,” Ingenico CEO Philippe Lazare said. “With this new... Read More...

South Shore commuters now able to purchase tickets through free app

South Shore commuters in the Chicago area gained an easier way to purchase tickets with the introduction of the South Shore app, which was launched by mobile ticketing technology provider Bytemark on Monday. Operated by the Northern Indiana Commuter Transportation District (NICTD), which partnered with Bytemark to develop the app, the South... Read More...

Square to offer funding for businesses with Square Capital

Square expanded its reach last week with the launch of Square Capital, a new program aimed at helping businesses grow by providing them with a source of funding. Businesses enrolled in the program give up a set percentage of future daily card sales, in addition to normal processing fees, to pay towards their balance. Fees are adjusted to the... Read More...

Treasury’s financial education commission discusses financial security

The U.S. Treasury’s Financial Literacy and Education Commission held a public meeting last week to discuss ways to improve the financial capability and security of young Americans. The field hearing opened with remarks from Mary Miller, the undersecretary for domestic finance at the U.S. Treasury; Richard Cordray, the director of the CFPB;... Read More...

Checking accounts among most common caches for savings in U.S.

New research released last week by America Saves showed transaction-based checking accounts are becoming one of the most common places for U.S. consumers to put savings away. The research, conducted in March, polled more than 1,000 American Savers participants through direct email to provide insight into their savings attitudes and... Read More...

JPMorgan Chase, CFSI launch initiative to improve financial capability

JPMorgan Chase and the Center for Financial Services Innovation (CFSI) announced last week the launch of the Financial Solutions Lab, a $30 million, five-year initiative aimed at improving Americans’ financial capability. The lab will host a series of competitions for entrepreneurs over coming years to identify solutions to help consumers... Read More...

Report: Most fraud associated with purchase of cable services, apparel

Online payments provider 2Checkout announced on Tuesday the release of its first quarterly fraud report to track global payment scams, which found most fraud is associated with the purchase of television services and apparel. By category, which is based on a sample of approximately one million online payment transactions processed by... Read More...

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